Quick Answer: Can we sell currency in India?

It is not legal to sell Indian currency online or anywhere without moneychangers license issued by the RBI. One can sell old obsolete coins or notes but have to have valid documents to prove that those are legally possessed by him.

How can I sell foreign currency in India?

4 easy steps to sell Foreign Currency

  1. Choose your desired currency & amount. Select currency and denomination you need to encash.
  2. Enter traveller details & delivery option. Just pay 2% to block the rates of your currency.
  3. Make payment online. …
  4. Get order confirmation.

Can I sell old Indian currency?

Step 1: Open the homepage of websites where you want to sell your old note. You can visit Ebay, Click India etc. Step 2: For selling the note online in an auction, you have to click the photo of the currency note having 12345 or 123456 digits on it. Step 3: Register yourself as a seller on the bidding website.

Is selling currency illegal?

Yes it is legal, highly lucrative, and the hobby is enjoyed by thousands of money traders and collectors.

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Selling a currency violates Sections 22, 23, 24 and 26 of the Reserve Bank of India Act, 1934. … “These currencies are of numismatic value and trading them is neither legal nor illegal because the RBI has no clear guidelines or law in place on the issue,” a senior RBI official told this paper.

Do Indian banks accept foreign currency?

Exchange foreign currency in Indian banks

With the foreign currency in hand visit your bank where you hold an account. For example, if you are an SBI bank account holder, you can exchange foreign currency in SBI.

Where can I exchange currency for free?

Your bank or credit union is almost always the best place to exchange currency.

  • Before your trip, exchange money at your bank or credit union.
  • Once you’re abroad, use your financial institution’s ATMs, if possible.
  • After you’re home, see if your bank or credit union will buy back the foreign currency.

Where can I sell old Indian notes?

You can sell old and rare notes on a website named Coin Bazaar. It is to be noted that old Re 1 note or Rs 2, Rs 5 notes with certain conditions can fetch you lakhs of rupees. If you own coins in the denomination of Rs 5 and Rs 10 with Mata Vaishno Devi engraved on them, you can get a huge amount of money.

What is the cost of 1 rupee note?

There is a one rupee note that is listed for Rs 45,000 online. This unique note has the signature of former Reserve Bank of India (RBI) governor HM Patel. A 100 rupees note with serial number 000786 is being sold for Rs 1,900 online.

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How do I sell old paper money?

Try Popular Online Coins and Currency Auctions

There are a few large and popular online auctions to sell or consign old and rare currency. Contact some of these Auctions to appraise and possibly sell your US paper currency. Heritage Auctions, Great Collections and Stacks Bowers are examples of these auction houses.

Is drawing on dollar bills illegal?

Yes, It’s Legal! Many people assume that it’s illegal to stamp or write on paper currency, but they’re wrong! We’re not defacing U.S. currency, we’re decorating dollars! … You CANNOT burn, shred, or destroy currency, rendering it unfit for circulation.

Can you sell dollar bills?

People are making thousands of dollars by selling their $1 bills — here’s how you can do it too. Selling $1 bills on the internet can make you serious money. Depending on the serial number of the bill, you can make up over $500 on eBay.

What is the charge for using fake money?

Federal Crimes

Under federal law, the use or attempted use of counterfeit currency is illegal if the person has the intent to defraud the recipient. A conviction for the offense carries up to 20 years in prison and a fine.

Can I sell currency on OLX?

Human, Blood, Bodily Fluids, Human Parts, and Remains. Illegal Goods/Embargoed Goods/Contraband goods. Indian currency notes – Old, New, or Error notes. Coins considered legal tender.

Listings for ungraded coins and currency or raw currency: Must not include a non-approved grading company, numeric grade or estimated value anywhere in the listing and can’t show an image of the item in a graded holder if the image shows a grade.

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How do I sell old coins and notes?

You can get up to Rs 25,000 for this rare note. You can register on CoinBazzar.com, fill in your details, the details of the coins or notes that you intend to sell, their expected price and wait for the buyers to contact you directly.

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